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November 1, 2007

Clorox puts up nearly $1 billion for Burt's Bees

Burt's Bees, which had its modest beginnings in Maine more than 20 years ago, has been sold for nearly $1 billion to Clorox Co.

Oakland, Calif.-based Clorox yesterday announced it plans to pay $925 million for Burt's Bees, which was founded by Roxanne Quimby and Burt Shavitz in Guilford in 1984, the Associated Press reported. The all-cash deal is expected to close by the end of the year. Burt's Bees, which will remain semi-independent from Clorox, is keeping its headquarters in North Carolina, the AP reported

Quimby moved the company to Morrisville, N.C., after buying out Shavitz in 1994. In 2003, Quimby sold 80% of the company to AEA Investors for $177 million. Since then, Quimby has used her wealth -- and created controversy -- by purchasing vast tracts of Maine's north woods with the ultimate hopes of creating a national park.

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